Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed to cut production in November by 2 million bpd, ignoring calls from the U.

S. to pump more crude to keep prices palatable for consumers. The proposed cut came at a moment when OPEC+ deemed it necessary to cut production to stabilize crude markets in the…